Ethereum is a Few Years from ‘Profound Decentralization’ — But That’s OK: Co-Founder Joseph Lubin

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Blockchain technology will power a monumental shift in society from a “scarcity to an abundance mindset.” These were the words of Ethereum co-founder Joseph Lubin speaking last week at the Web Summit in Lisbon, Portugal.

Lubin’s Blockchain Impact Theory

Delivering his keynote address at the event, Lubin, who is also the co-founder of Ethereum development startup ConsenSys, stated that Ethereum is likely to play a key role in the redevelopment of the internet as a fully decentralised ecosystem.

In Lubin’s opinion, the continued growth of blockchain technology will act as a catalyst for increased innovation at all levels of human society by creating a framework for what he describes as a “self-determined, sovereign identity.”

In other recent remarks, Lubin explained that the evolution of blockchain technology and enhanced decentralisation would lead to a future where individuals will exert greater control over their identity and agency, which will lead to wealth creation as people seek to express themselves more through a number of avenues including an increased appetite for luxury.

Ethereum Scaling Will Take Time But Will Result in ‘Radical Future’

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During his keynote address at Web Summit, Lubin opined that Ethereum would play a significant role in developing the so-called Web 3.0 – a new generation internet experience that will utilize decentralization to a high degree. Expanding on this point, he said:

“Ethereum is far in the lead as a viable candidate for web 3.0 largely because of its interoperable and radically decentralized nature. It may be a few years before our ecosystem achieves profound interoperability and decentralization in the base and higher layers. But that is okay. We can grow into the radical future we imagine as we take care of adoption, use case exploration, user interface and user experience definition – all of which will keep us busy for years.”

According to Lubin, there is a difference between wealth generation in the existing paradigm and in a tokenized economy which can be explained by a “qualitative shift in the nature of money” moving society away from a centralised model toward a system of “global villages.”

Lubin’s optimism over the growth of Ethereum is underlined by recent events that indicate that large power players are backing the blockchain to power large-scale disruptions. CCN recently reported that financial giant JP Morgan Chase unveiled a plan to use Quorum, its enterprise version of the Ethereum blockchain, to tokenize gold bars. Speaking recently to Financial Review, JP Morgan’s head of blockchain initiatives Umar Farooq also praised Quorum and described JP Morgan as “big believers in Ethereum,” which is a marked departure from the language used by JP Morgan CEO Jamie Dimon when referring to Bitcoin.